03:45 PM EST, 12/09/2024 (MT Newswires) -- Stingray (RAY-A.TO) said Monday it completed the refinancing of its credit facility, increasing it to $500 million and extending the term to December 2028.

The music and media company said the new facility provides additional liquidity for operations and and acquisitions, and allows for incremental commitments of up to $100 million.

This refinancing enhances Stingray's financial flexibility and provides optionality for future growth opportunities.

"We are delighted to have the ongoing support from our current banking syndicate and partners as we explore growth opportunities," said chief executive Eric Boyko. "This new financing greatly enhances our current liquidity and provides optionality for additional commitments as we continue to evaluate and capitalize on market opportunities."

Stingray's Class A shares were last seen down $0.02 to $7.82 on the Toronto Stock Exchange.

Price: 7.82, Change: -0.02, Percent Change: -0.26